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Speaking from personal experience, I found that 2.5 times my gross was too much of a payment once PMI, taxes, and insurance were added. I was able to pay my bills, but had no $$$ left for silly things like groceries or gasoline.
Speaking from personal experience, I found that 2.5 times my gross was too much of a payment once PMI, taxes, and insurance were added. I was able to pay my bills, but had no $$$ left for silly things like groceries or gasoline.
thats kinda what i think, but im hearing people taking out 4,5,6 or more times
Speaking from personal experience, I found that 2.5 times my gross was too much of a payment once PMI, taxes, and insurance were added. I was able to pay my bills, but had no $$$ left for silly things like groceries or gasoline.
We were pretty strapped at 2.5 times gross as well. I can't see how people spend more than that. We could buy groceries, gas and pay the bills but not save much. We drove old cars and got stuff at garage sales. Fortunately our income went up after we bought the house.
I have numerous friends in L.A. who have borrowed 8-10 times their annual income to buy a house. If you look at net income, since many of them are self-employed and maximize their deductions, the multiple is even higher. That's the reality of owning a home in SoCal.
It's insane and it needs to stop. But lenders are still making those bonehead stated income loans, and it enables people to streeeeeeeetch to get into homes they can't afford. If the government and ambitious politicians are going to meddle in the free market system, I wish they would put more time and effort into stopping this doomed process than in bailing people out when-- surprise-- they get into trouble. But, gee, where are the votes in that?
When we bought a year ago, we were at around 4x income. Money was a little tight, but we were fine, just weren't able to go out as much as we did as renters. Salaries both increased and now were at about just under 3x and live very very comfortably.
if you spend 2.5 times your going to be living in a housing project.......it is unfortunate but oh so true
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well in New York
